Bengaluru-based co-living spaces builder,StayAbode has raised an undisclosed amount of funding in a fresh round of investment from Incubate Fund and a clutch of investors. The company plans to invest the capital to strengthen its technology platform and expand its team.
Sanjay Shenoy, managing director of realty developer Legacy Global Projects, Mridul Upreti, former joint managing director at property consultancy Jones Lang LaSalle (JLL) India, and existing investors saw participation in the round.
Co-founded by Viral Chhajer and Devashish Dalmiya in 2016, StayAbode builds co-living spaces for the rental residential real estate market, offering small private spaces like fully furnished 1/2 BHK with common rooms, games areas, music and art corners.
StayAbode currently offers over 260 units spread over five properties across Bengaluru and plans to expand to other cities as well
“60% of the migrant population in Bengaluru look for shared accommodation. Traditional, long-stay PGs are unable to fulfil this demand. The services offered by them do not match up to the expectations of these customers. The spaces are cramped without basic facilities in place. This is exactly the opportunity StayAbode is capitalising on,” Shenoy said.
The company had raised an angel funding led by investors Ishan Manaktala and Angie Mahtaney in February this year. Gaurav Bhalotia, former vice president of engineering at Flipkart, Vishal Lulla, chief executive at Vishal Exports, and a group of investors from online deal-making platform LetsVenture also participated in the angel round.
StayAbode competes with Tiger Global-backed NestAway, Homigo, CoLive247.com, Square Plums, CoHo Stayz and Fella Homes.